Smart Contracts

MAGABET utilizes a suite of smart contracts to manage the platform's core functionalities. The main contracts include:

• BettingContract: Handles the betting process, including placing bets, calculating odds, and distributing rewards. This contract is responsible for managing the token transfers associated with betting and ensuring that the odds are calculated fairly based on the available data and the platform's algorithms.

• GovernanceContract: Manages the community governance process, including proposal submission, voting, and scorecard creation. This contract enables $MAGABET token holders to actively participate in shaping the platform's direction and determining the betting options available for each event.

• OracleContract: Integrates with external data providers to fetch real-time information and update the scorecard during the debate. The OracleContract is crucial for ensuring that the platform has access to accurate and up-to-date data to inform the betting process and determine the outcomes.

The smart contracts are written in Solidity, Ethereum's native programming language [8]. Solidity is a contract-oriented, high-level language designed specifically for implementing smart contracts on the Ethereum Virtual Machine (EVM) [9]. The MAGABET smart contracts are thoroughly tested using popular testing frameworks such as Truffle [10] and Ganache [11] to ensure their security and reliability. These frameworks provide a suite of tools for writing, compiling, and deploying smart contracts, as well as running automated tests to identify potential vulnerabilities or errors.